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Value-Add Apartments Trade in West Hollywood
Marcus & Millichap closed the sale of 8514 Sherwood Dr., a twelve-unit apartment property located in the Tri-West submarket of West Hollywood. The asset sold for $3.95 million, or $329,167 per unit. The cap rate is 4.85% and the gross rent multiplier is 14.38.
“The buyer agreed to complete the soft-story retrofit, and multiple rents were below $600 per month,” said Jason Tuvia, senior managing director in Marcus & Millichap’s Encino office. Tuvia marketed the property on behalf of the undisclosed seller.
Built in 1957, the value-add property is subject to West Hollywood’s rent control laws.
- ◦Sale/Acquisition




